목차
Introduction 2
1. Economic policy framework and targets 3
1.1 Budgetary policy objectives 3
1.2 Sweden’s medium-term budgetary objective 5
1.3 Monetary policy in Sweden 6
1.4 The Government’s economic policy 7
1.5 Monetary policy and financial economy 24
2. Macroeconomic developments 27
2.1 International economy 27
2.2 The Swedish economy 27
2.3 Potential macroeconomic imbalances 29
3. General government finances 32
3.1 Accounting policies 32
3.2 Development of general government finances 32
3.3 Net financial wealth and consolidated gross debt 34
3.4 General government net lending objective 35
3.5 Monitoring of the debt anchor 37
3.6 Monitoring of the expenditure ceiling 38
3.7 Monitoring the requirement of sound financial management in the local government sector and the local government balanced budget requirement 39
3.8 Central government guarantees 40
4. Alternative scenarios and comparison with Sweden’s Convergence Programme
2022 43
4.1 Alternative scenarios 43
4.2 Comparison with the 2022 Convergence Programme 44
5. Long-term sustainability of fiscal policy 46
5.1 What is meant by fiscal policy being sustainable? 46
5.2 Long-term challenges for fiscal policy 46
5.3 A scenario for long-term development 47
5.4 Fiscal policy is judged to be sustainable 52
6. Quality of general government finances 53
6.1 Expenditure 53
6.2 Revenue 54
Appendix A – Technical assumptions 57
Appendix B – Comparison with the European Commission’s calculations of demographically dependent expenditure 64
Appendix C – Tables 66
